Bank of America: $300 mortgage principal reduction ($25/month for 12 months) with new checking account
 

I am opening a new Bank of America checking account and one of their chat reps gave me a promotional code for $25 off my mortgage principal per month for 12 months if I link the new account to my existing mortgage. He stated that I must make my mortgage payment from the new checking account each month to receive the bonus and that I would see it reflected on my mortgage statement within 60 days. Enter promotional code CH300EM10 when signing up.

Details:
Offer Code: CH300EM10
Special offer for Mortgage customers: open a Checking account and earn up to $300 in principal reduction when requirements are met.

Quote:

Eligibility: This is a special limited time offer available to existing Bank of America mortgage customers whose accounts are open and in good standing who do not currently have a personal checking account with Bank of America. Limited time offer available only for accounts opened online with offer code CH300EM10. This offer expires December 4, 2010. Offer may be withdrawn or modified at any time without notice. To be eligible, you must become a new checking customer by opening a personal checking account online and timely pay your mortgage payment in full online each month for the next 12 consecutive months from your new checking account. Qualified online payment methods include Bill Pay, Transfers (one-time or recurring) and Pay By Phone. For each month you satisfy the preceding mortgage payment requirement, you will receive a $25 credit which will be applied to reduce the principal balance due on your mortgage. The $25 credit will appear in your mortgage account within 60 days after the date you pay your mortgage payment in full online from your new checking account; if we are unable to apply the credit, a check will be issued. The $25 credit is only available for each of the first twelve months in which your new checking account remains open, with a maximum potential overall credit of up to $300 ($25 x 12 months). After the twelve months expire, you are no longer eligible to earn any further $25 credit.

dunno why the thumbs down. Because it's BOA maybe but free dough is free dough.

It works for those who want to stay with them. They bought my mortgage and now I have to deal with them until I refi, which won't be with BofA - they're refi fees are retarded obscene. They wanted almost $3000 to refi an under 100k house.

thumbs up OP.time to close my current account and open a new one. is there a grace period to be considered a new customer?

Yeah, BOA for all your mortgage needs! Good thing they have such a firm handle on that business.

So ethical in dealing with homeowners too.

is this in CA too? i know they have different rules&regulations for california accounts. not sure if this offer is available here.

they wanted close to $5,000 here...crooks!

I don't think the risk is worth it. They want you to keep a monthly balance and will charge you $9 if you miss their requirements in any given month. Sounds like abuse to me.

I don't need to be told what to do with my money.

If you have a mortgage with BOA, you get a free checking account, sounds like a no brainer to me....

I see what you did there

FBOA

complete shady crooks - experience keeps me away from anything BOA

Agree. That's why I might jump on this, no other reason than to get a few extra bones out of them until I can refi the hell out of there. Then again I found that the best way to screw over BoA is to work for a competitor and share my experiences... :bounce:

If you already have a mortgage with BoA then the minimum balance doesn't apply if you apply for Advantage with Tiered Interest Checking (better then MyAccess). Advantage comes with other benefits it looks like such as no fees for cashiers checks or money orders and free checks. I personally do not like BoA very much, but I have a mortgage through them b/c a friend of mine worked there and got me a good rate. They screwed up my tax payments a few times, but I'm stuck with them and this offer seems like free money to me. For someone like me who has a BoA mortgage acount should look into this. A no fee checking account plus $300 over a year :D

Thumbs up!

I already have a checking account that link to my BofA mortgage, I wonder if I can set up another checking account to take advantage of this promotion. It is free money :yummy:

I heard that other banks pull money out of your bank account (if you bank with them) if you stop paying your mortgage so be aware. This may be one way for BoFA to minimize their losses by having you open an account with them so that they could withdraw automatically from your account if you're behind on your payments.

Folks,

Please read the small print on the agreement. If you have a BoA mortgage, BoA has the authority to withdraw $ directly from your BoA accounts - savings or checking - if you fail to make a payment, fail to make a payment on time, or only make a partial payment.

It is in your best interest to keep your cash accounts at a different institution than your mortgage. Unfortunately, I have a mortgage that was sold to BoA, and I wouldn't touch this "deal" with a ten foot pole. The downside isn't worth it. Just my 2 cents.

Let me know if you find it works, I also have a BofA mortgage with a checking account linked, would love to get these $300

LOL, believe me, BofA will get more than the $300 back from you in fees. They hide fees in places you never thought to look.

Watch! You take advantage of this offer and they foreclose on your house ("because they can"). Wouldn't trust them as far as I could spit.

Does anyone know how strict B of A is with the rule on not having an account with them during the previous 6 months to get offers such as this?

Is it worth a try? I've been thinking about doing it anyways, but I'm probably going to close my checking account and open a new one in November, while this offer is still open. If they don't honor it, I'll just close it again, and they'll lose the checking account.

...and BoA won't give a shit either.

Trust. They lend you $ to buy a house & trust that you'll repay it.

i have closed my account today and intend to open a new one, can somebody clarify the 6 month rule? i didn't see it in the fine print. thanks.

Thanks, OP! Every little bit helps towards the mortgage! Just opened this account. Will setup direct deposit in the amount of our mortgage then set it up to pay automatically. I don't see how this is so dangerous as other may make it seem. I have never had issues that were not quickly and cheerfully resolved with Bank of America in years of being their customer.

BoFA is the worst bank I have dealt with. My mortgage was sold to them. I used to be able to set up automatic monthly withdrawl from my non-BoFA bank to pay the mortgage. With BoFA I can no longer do that. You have to set up the payment each month - what a pain! If you forget and go over even once, they ding you for hefty fees. With my previous mortgage servicer, I had a 15 day grace period to pay my mortgage without fees. BoFA has to be the 1st each month. Otherwise fees fees fees. I canceled my checking account with BoFA long time ago and never wanted to go back. I have no choice with my mortgage and wish someone else was my servicer.

Dont wish that, you might end up with a bank like Nationstar Mortgage. :shake:
http://www.consumeraffairs.com/fi...tgage.html

open another account.. just another way booa will find ways to fee and fee and
grab whatever is there at their leisure.....

Do you mean this?

http://www.consumeraffairs.com/finance/bofa.html

wow, i never knew it was that bad.

I closed on my house 2 wks ago and it was sold to BoA. I'm looking at my online account and it says payment date = 11/1 and late fee date 11/16. Are you saying that payments made from the 2nd to the 14th would trigger "late" fees?

I've got my mortgage through BoA, and I have a 15 day grace period, then they start adding on fees. I've made payments after the due date of the 1st, and had ZERO adverse effects. They also gave me an option to refinance for free or at a small cost, depending on what I wanted the interest rate to be. I've not had a problem with them.

I have BOA MORTGAGE... only issue I had was they cahrged me $20/mo for 6mo because they accidently unlinked my checking from mortgage, they fixed and adjusted all fees including once I had an overdraft during a period when I removed all funds from BOA for 1 week (dont ask why lol, not their fault).

Now... as to your question... my DUE DATE is 1st. I have paid as late as 13th without a late fee. If you pay after 15th, late fee applies (like most places).

just refinance


http://www.sfgate.com/cgi-bin/art...a47589.DTL

and when you refinanace for free, they get to change the terms.

When you schedule online payment (can't be done automatically at BoFA every month) with the so-called deliver date after the 1st, they will charge you a so-called MortgagePay on the Web Service fee. My previous bank never charged me as long as I scheduled my payment before the grace period end (15th). See the difference?

thanks
i just opened my account but i will try getting them to add this..

checking account fees
 

http://www.bizjournals.com/atlant...ronicle%29

See above link. BOA just announced that they will be offering limited free checking accounts in the future. Soon, they'll charge almost $9 per transaction with teller among other transaction fees unless you do certain things like direct deposit and keep an astronomical minimal balance. It's not worth the money they give you towards your mortgage!

I think we should make a website https:\\www.FBOFA.com I cant stand dealing with them. They change my account number without telling me. So I was paying for my mortgage for the last 3 months and just got in the letter stating delinquent. So now I need to come up with 3 months of mortgage and wait 4-6 weeks to get refunded from my other account.

I just made my first Mortgage Payment via my newly opened BoA Checking account and I think the $25 posted immediately (Kinda). It looks like my credit posted as "11/01/2010 Payment - Escrow Reversal $25.00". The odd part of all of this was my payment actually $25 less this month but the amount applied to Escrow, Principal and Interest added up to my actual payment amount. So rather then an additional $25 going to principal it actually lowered my payment by $25. Has anyone else used their account yet?

I too just tried to get my interest rate lowered and the only option they gave me was to refi which was going to cost about 3% and they said they were sorry they did not have any better programs. Wells Fargo allows you to lower your rate without any fees.

I just did my first payment and they said will take 90 days to post. this is not right. should be right away.

with the ongoing SUPER GOUGING on most all CONSUMER RATES.. giving away $25 OF THE
THE FREE MONEY TAXPAYERS GAVE THEM AT ZERO COST!! is sure
somethjing!! guess they will SOON BE ASKING FOR ANOTHER BAILOUT for this
new way to lose $$ ...

after lots of tries, didnt get the promotion but got GC for all the effort...

chase has the 1% cashback of principal + interest if you have a checking account with them and pay it thru your checking account.

i got the 1st month $25 posted today.Thanks OP for this post, recovering %10 of the refi cost with this offer.

Hate to bring up such an old thread, but I have not received any credit for this since signing up (back in November), and BofA won't do anything about it unless I can show that the promo code was legitimate. Does anyone have an original email or screenshot or something from BofA showing this offer was real?